Issue - meetings

Cabinet:

a)    Recommended to Council the updated Investment Strategy attached at Appendix A.

This is a recommendation to Council, and not subject to call-in.

Cabinet received the Investment Strategy report.

Councillor John Williams introduced the report and explained the reason for the changes were because of a change to borrowing rules which resulted in the council having to refocus the Investment Strategy to exclude borrowing for commercial purposes alone.

It was noted, the revised Investment Strategy would help continue to deliver growth within the district and ensure the council continued to receive income to support essential front-line services.

Cllr Williams corrected a recent statement he had heard relating to the Council’s debt interest repayment levels and noted that the vast majority of these payments related to the Housing Revenue Account. The total cost of borrowing apart from this was approximately £0.5m and Cllr Williams noted that South Cambridgeshire District Council had acted in a prudent and cautious way and made good investments over the years which had enabled them to receive a good income from Ermine Street and commercial investments.

Councillor Bridget Smith thanked Councillor John Williams for the clarification on the misinformation on what was spent on servicing loans.

Councillor Peter McDonald, Lead Cabinet Member for Economic Development

commented that the loan to value ratio was good and residents should feel assured.

Councillor Anna Bradnam raised an anomaly in the table 8.4.1 - Debt to Net Service Expenditure (NSE) Ratio on Page 132.

The Head of Finance clarified that the table should read £22.865m and the ratio should read 24.8%.

Scrutiny and Overview requested training for members on Investments and Cabinet confirmed that this would be very useful

Councillor Bridget Smith thanked the Head of Finance and the Chief Operating Officer for the report.

Cabinet Considered the report and, recommended the updated Investment Strategy attached at Appendix A to Council.